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INCOME-TAX ACT

Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 1794(E), dated 23-10-2007

NOTIFICATION NO. 66/2010[F. NO. V-27015/2/2010-SO (NAT.COM)]/ S.O. NO. 1793(E), DATED 21-7-2010

WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 4, “ANKUR” Special School for Mentally Retarded Children run by Deceased Bhavsar Devchandbhai Muljibhai Talajiya and Deceased Khamalaxmi Devchandbhai Talajiya, Plot No. 1945, Near Working Womens Hostel, Sardarnagar Circle, Bhavnagar – 364 002, as an eligible project or scheme for a period of three years beginning with financial year 2007-08;

AND WHEREAS the said project or scheme is likely to extend beyond three years;

AND WHEREAS the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 for specifying the said project or scheme for a further period of three years and enhancing the project cost from Rs. 120 lakhs to Rs. 175 lakhs including a corpus fund of Rs. 160 lakhs.

NOW, THEREFORE, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), – (a) hereby specifies the scheme or project for “ANKUR” Special School for Mentally Retarded Children, which is being carried out by Deceased Bhavsar Devchandbhai Muljibhai Talajiya and Deceased Khamalaxmi Devchandbhai Talajiya, Plot No. 1945, Near Working Womens Hostel, Sardarnagar Circle, Bhavnagar – 364 002, as an eligible project or scheme for a further period of three years commencing from the financial year 2010-11 i.e. 2010-11, 2011-12 and 2012-13;

(b)  further amends the said notification number S.O. 1794(E), dated the 23rd October, 2007, to the following effect, namely :—

In the said notification, in the Table against serial number 2, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 120 lakhs”, the letters, figures and word “Rs. 175 lakhs including a corpus fund of Rs. 160 lakhs” shall be substituted.

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Category : Income Tax (27629)
Type : Notifications (15857) Notifications/Circulars (32019)

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